Oaks Development Group Closes on 2.1 Acres for Medical Office Building in Palm Coast, FL

PALM COAST, FL /PRNewswire/ -- North Carolina-based Oaks Development Group announced closing on the construction loan for 2.1 acres at Pinnacles Park in Palm Coast, FL.

Oaks will develop a planned medical office building on the property. SunTrust Bank in Cary, NC handled the loan closing for the project.

Site work is scheduled to begin by the end of the year. Oaks is developing the 20,000-square-foot building using its unique ownership model that provides tenants with a piece of the ownership pie without requiring upfront equity.

Just over 10,000 square feet is already under contract for a family dental practice, pediatrician and Doctor's Choice Lab.

"We are very pleased that we have achieved this milestone in the project. In the wake of unprecedented market turbulence and uncertainty in lending, this closing demonstrates the strength of the Oaks business model and the fact that real estate projects based on sound economic fundamentals are still financeable," says Charlie Barker, developer and partner in Oaks Development Group's Florida office.

Located in Pinnacles Park right off State Road 100, the Oaks building will sit across from the Florida Hospital Flagler. There is approximately 10,000 square feet still available under the Oaks ownership model for additional healthcare and professional tenants.

CONTACT:

Ann Close of Oaks Development Group, +1-919-460-6779, aclose@oaksdevelopment.net;

or Debi Pfitzenmaier, +1-210-669-6911, debi@pfitzpr.com,

for Oaks Development GroupWeb site: http://www.oaksdevelopment.net/